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UH-OH: 'Last Stand' for Greek Banks as Greece Taps Emergency Fund

 
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08/26/2011 05:37 AM
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UH-OH: 'Last Stand' for Greek Banks as Greece Taps Emergency Fund
Greece has been forced to activate an obscure emergency fund for its banks because they are running short of collateral that is acceptable to the European Central Bank (ECB).

In a move described as the "last stand for Greek banks", the embattled country's central bank activated Emergency Liquidity Assistance (ELA) for the first time on Wednesday night.

"The activation of the so-called ELA looks to be the last stand for Greek banks and suggests they are running alarmingly short of quality collateral usually used to obtain funding."

[link to www.telegraph.co.uk]

Last Edited by Buster Brown on 08/26/2011 05:42 AM
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